Page 152 - Carte Falimentul BIR

have not led to the recovery of the bank in a situation of inability to honor the
payments."

Therefore, by replacing the conjunction "and" in the Law with "or" in the
Ordinance and the phrase "to fully honor the payments" in the Law with the word
"to honor the payments" in the Ordinance, it was created the possibility to initiate
the bankruptcy procedure of any bank, with the fulfillment of the two cumulative
conditions (special supervision and administration measures) not being
mandatory, even if in the market economy system, before the insolvency
procedure of a commercial company is pronounced, the judicial reorganization
of the company is the first measure to be taken.

Emergency Ordinance no. 186/1999 is signed and sent only to the Chamber of
Deputies, and then published in the Official Gazette, all this being done during
only one day, on Friday, November 19th 1999, which was a short working day.

"Incidentally" or not, based on the new regulations of the GEO no. 186/1999, on
th
the same day of Friday, November 19 1999, the National Bank of Romania
requested Bankcoop bankruptcy at The Bucharest Law Court.

As stated above, the two Emergency Ordinances were designed and elaborated
by lawyers Arin Stănescu and Călin Zamfirescu, the managers of the new
liquidation company "Reconversion and Asset Recovery", collaborators of the
BNR Deputy Governor, Mihai Bogza (PNL), who was, at the same time, both the
chairman of the Banking System Deposit Guarantee Fund and the BNR
coordinator of banking supervision.

After the issuance of the Government Emergency Ordinance no. 186/1999, on
th
November 19 1999, also "by chance", on November 26 1999, lawyers Arin
th
Stănescu and Călin Zamfirescu became "practitioners in judicial reorganization
and liquidation", and on the same day, their new liquidation company,
"Reconversion and Asset Recovery", was listed, together with their nomination,
in the Liquidation Companies List published in the Official Gazette as a
specialized company in liquidation.

But the sequence of events does not stop here. The Bucharest Law Court - the
Commercial Section, appoints as the Bankcoop liquidator, with the BNR’s notice,
the very company " Assets Reconversion and Valuation", of the respective two
lawyers. The company was also in the process of liquidating, on the basis of Law
No. 64/1998, of Albina Bank, it was also legal administrator at Dacia Felix Bank
and Columna Bank, and later, their liquidation portfolio extended to Fortuna
People's Bank, People's Development Bank, Investment and Development Bank
etc.

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